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Q&A
SBS initiatives to decrease storefront vacancies
1:24:41
ยท
165 sec
Commissioner Gross outlines various SBS initiatives aimed at decreasing storefront vacancies and supporting small businesses in New York City.
- Commercial Lease Assistance program provides legal representation to small business tenants.
- SBS connects businesses to incentives programs to reduce operational costs.
- Capital access initiatives have connected businesses to $294 million in affordable loans.
- New York City Business Express services help businesses navigate regulatory rules and accelerate the time from lease signing to opening.
Oswald Feliz
1:24:41
Okay.
1:24:43
What steps is SBS taking to decrease the number of storefront vacancies?
1:24:47
What are different tools that all of you have available to help areas being affected by this?
1:24:52
And also, what are factors that you that you you think or have heard are contributing to the high vacancy rates in Manhattan and also Brooklyn?
Dynishal Gross
1:25:02
Thank you Chair Felice.
1:25:04
SBS provides numerous services that help new business creation including the operation or establishment of businesses in commercial space.
1:25:14
Those include our commercial lease assistance program which provides legal representation to small business tenants to negotiate initial lease, a lease amendment, or deal with issues of landlord behavior that can be you know described as harassing.
1:25:34
Overall we have served 1,600 businesses through CLA in this administration.
1:25:39
We serve about 700 businesses a year through that intervention.
1:25:44
In addition SBS connects businesses to incentives programs.
1:25:49
We have a an incentives estimator on our my city business site and 4,800 companies have used it since we launched it and connecting businesses to incentives to reduce the cost of operation in commercial space is an important support to help reduce vacancy as well.
1:26:10
In addition, we focus on capital access.
1:26:13
We've connected businesses to $294,000,000 during this administration in affordable loans and those have included focus on new businesses being established in commercial space in the opportunity fund.
1:26:29
Also all of the work of our New York City Business Express services team to help businesses understand their the regulatory rules of operation in New York City and to accelerate the time period from the time they sign a lease into the time they can open their doors.
1:26:47
We want businesses to be able to begin providing goods and services and providing jobs and not you know have carrying costs during a pre operational period that can jeopardize their start.
1:27:01
We estimate that we've saved businesses $50,000,000 through NYC Best and reg reform interventions during this administration.
1:27:09
And of course the bids themselves and the community based development organizations that contribute to the health of our commercial strips, They also help to reduce vacancy by understanding the community demands for businesses in the district, promoting the district, and helping those corridors to thrive.